SIP rules
Produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard

The following Share Incentives precedent produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard provides comprehensive and up to date legal information covering:

  • SIP rules
  • 1 Definitions and interpretation
  • 2 Purpose of the Plan
  • 3 Establishment of Plan Trust
  • 4 Timing of operation of the Plan
  • 5 Eligibility of individuals
  • 6 Participation on same terms
  • 7 Participation in more than one connected share incentive plan in a tax year
  • 8 Part A: Partnership shares
  • 9 Part B: Matching shares
  • More...

SIP rules

    1. 1

      Definitions and interpretation

      1. 1.1

        The following words and expressions have the following meanings:

        Accumulation Period

        1. in relation to Partnership Shares, the period during which the Trustee accumulates a Qualifying Employee's Partnership Share Money before acquiring Partnership Shares or repaying it to the employee;

        Acquisition Date

          1. (a)

            in relation to Partnership Shares, where there is an Accumulation Period, the meaning given by paragraph 52(5) of Schedule 2;

          2. (b)

            in relation to Partnership Shares, where there is no Accumulation Period, the meaning given by paragraph 50(4) of Schedule 2; and

          3. (c)

            in relation to Dividend Shares, the meaning given by paragraph 66(4) of Schedule 2;

        Associated Company

        1. the same meaning as in paragraph 94 of Schedule 2;

        Award Date

        1. in relation to Free Shares or Matching Shares, the date on which such Shares are awarded;

        Award

          1. (a)

            in relation to Free Shares and Matching Shares, the appropriation of Free Shares and Matching Shares in accordance with the Plan; and

          2. (b)

            in relation to Partnership Shares, the acquisition of Partnership Shares on behalf of Qualifying Employees in accordance with the Plan;

        Award Maximum

        1. the meaning given to that term in Rule 8.8;

        Board

        1. the board of directors of [insert name of company];

        Capital Receipt

        1. the same meaning as in section 502 of ITEPA;

        the Company

        1. [insert name of company] (company number [insert company number)] whose registered office is at [insert company address];

        Connected Company

        1. the same meaning as in

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